FirstBank Home Loan Nigeria, Own Your House with 20% Deposit and Up to 20-Year Repayment by Domiciling Your Salary

Overview of FirstBank Home Loan for Nigerians

FirstBank Home Loan is a practical mortgage solution for employed Nigerians who want to own residential property with ease. The product markets itself on a minimum 20% deposit, competitive interest rates and repayment terms stretching up to 20 years, making monthly repayments more manageable for salaried workers.

The facility requires salary domiciling with First Bank for the loan tenor, and financed properties must be residential and in approved locations. This mix of long tenure and straightforward eligibility positions the FirstBank Home Loan as a go-to mortgage for many Nigerian employees.

Eligibility, Documents and Simple Application Steps

To qualify you must be in paid employment and ready to domicil your salary with First Bank for the loan period. Typical documents include the vendor’s offer letter, title documents, approved building plan, employer introduction letter, payslips and an irrevocable domiciliation of salary letter.

Application is straightforward: complete the Home Loan form from a First Bank branch or website, attach required documents and submit for valuation and credit assessment. The bank’s mortgage team guides applicants through verification, valuation and legal perfection of title.

Repayment Terms, Interest and Salary Domiciling

First Bank offers up to 20-year repayment terms subject to retirement age, so borrowers can stretch payments and lower monthly instalments. The interest rate is competitive relative to the Nigerian mortgage market, and the exact rate depends on credit profile, loan-to-value and tenure chosen.

Salary domiciling is central: your monthly salary must be credited to a First Bank account during the loan. Domiciling your salary simplifies repayment via direct debit, supports affordability assessment and often helps secure better loan pricing and quicker decision times.

Benefits, Limitations and Practical Tips

Major benefits include a lower initial equity requirement of 20%, a long repayment horizon up to 20 years and access to joint mortgage options for spouses or partners to combine incomes. FirstBank Home Loan also includes advisory support to help you perfect the title and understand additional costs like legal fees and valuation charges.

Limitations are clear: the product is for residential properties in approved locations and not for uncompleted buildings. Before applying, confirm vendor title status, budget for the 20% deposit plus fees, and speak with HR about the irrevocable domiciliation letter to speed approval.